Fast-growing protein powder deliver start-up Whey Box has secured a six-figure funding package from HSBC to help boost production capacity as it targets further listings in the big four supermarkets.
The Hull-based protein manufacturer and delivery service will use the bank funding to boost its capacity by up to 500% to meet ambitious growth plans.
The Grocer reported in September 2017 that Whey Box had raised around £250,000 from a prominent Yorkshire businessman in return for a significant minority stake to enable it to beef up its stock, build brand awareness and develop new products.
The brand, founded in 2016, has also secured listings in Holland & Barrett, Asda and Tesco, expects to increased sales ten-fold over the next 12 months.
The company told The Grocer last year that its 2018 turnover will grow to between £500,000 and £1m.
Whey Box was founded by marketing specialist and Aldi area manager Ben Thoy and independent gym owners Sam, Jack and Will Latus. The latter is a former Royal Marine officer, and the other pair played for Hull Kingston Rovers professional rugby league club.
MD Thoy commented: “The health supplement market, particularly whey protein, has seen massive expansion over the past five years. Myself and my fellow founders have all used supplements in the past but felt that the branding and the sizing of protein was not attractive to a large number of consumers.
“Fast forward two years and we now have a great range of consumer friendly products and Tesco has just started stocking our protein in its stores. With HSBC’s backing, we are now in a perfect position to meet demand from an even wider audience.”
The business currently produces 10 flavours, including gingerbread and coconut, in pocket-sized sachets that are delivered to customers as part of a monthly subscription or an one-off purchase.
The brand recently launched its product range in over 300 Tesco stores and will launch in Boots stores in April.
Stephen Smith, HSBC’s relationship manager for North Yorkshire and Humber, said: “Whey Box is a fine example of a dynamic Humberside business that is taking advantage of a growing trend to bring an exciting new product to consumers across the UK. It is a pleasure support the business as it undergoes rapid expansion and we look forward to seeing Whey Box continue to flourish.”
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